Reddit mentions of Make It Bigger: (illustrated monograph on the design process and work of Paula Scher)

"MTIV ..." by Hillman Curtis is a great read, and is packed with wisdom and inspiration.

"Hey Whipple, Squeeze This!" by Luke Sullivan is about advertising. So it's not exactly a design book, but it's all about thinking outside the box and making it in the real world as a professional creative, which totally applies to us. Plus, Sullivan is a really fun writer.

Finally, "Make it Bigger" by Paula Scher is an excellent memoir by a living legend.

http://www.amazon.com/gp/aw/d/0735711658?pc_redir=1398499744&robot_redir=1

http://www.amazon.com/gp/aw/d/1118101332?pc_redir=1398472389&robot_redir=1

http://www.amazon.com/gp/aw/d/1568985487?pc_redir=1398526939&robot_redir=1

I would second /u/WillAdams recommendation for The Elements of Typographic Style is something that is considered a 'type bible' by some. It can definitely be considered a must-own for designers.

For a less technical and more 'fun' design-related book, I'd recommend Paula Scherr's "Make It Bigger", which talks about her career and a lot of relevant topics for a young designer. Not so much how to design, but what it's like to be a designer. Scherr was featured as the graphic designer in an episode of the Netflix series "Abstract: The Art of Design," and could be called a "superstar" designer, so your friend may already be familiar with her.

Pigma Micron pens are also pretty much the standard drawing tool for designers. I've never come across someone who didn't have/use or outright love them. I always have some around. (I've even seen tattoos...)

On that note, some good sketch/notebooks, although these can be more personal. But for someone just starting, you couldn't go wrong with some Moleskin-esque styles, and they're easy enough to find, although there are cheaper options, we're still talking under $30.

Someone else mentioned an Adobe CC subscription, which would be great, but also run you about $300 for a year and if I recall would require all their student information to get that reduced price.

Often people look to tablets, such as a Wacom, but while many like using them, they are not a required tool for designers, and it's a heavily subjective choice. Many are also like myself, which prefer a nice gaming mouse to a tablet. If you wanted to go this option, I'd just opt for a $120 Best Buy or Amazon card or something with the note of it being for such a tool, and let them pick what they want.

one of my favorites from Paula Sher's Make it Bigger

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